Centrify finished our fiscal year on June 30th and I wanted to use this blog to highlight for our customers and partners some of the main accomplishments that Centrify has had over the last 12 months. From a financial perspective, we had record sales quarters throughout the fiscal year and continued along the lines that had us growing sales over 40% last calendar year. We further built our executive management team, moved into new and bigger corporate headquarters, won numerous awards, and raised $42 million in funding. In this blog post I want to talk in a bit more detail on these topics but in particular I want to drill down on the great growth and customer adoption we are experiencing with our Identity and Access Management-as-a-Service (“IDaaS”) solutions.
It is a particularly exciting time here at Centrify. One of the main reasons is that the identity and access management market that we participate in is growing by leaps and bounds and incumbents in this market are being disrupted by vendors such as Centrify.
Why is that? Well the reality is that the world of IT is becoming more “de-perimeterized” because of cloud and mobile. One result of this is that IT organizations no longer own the user’s end point — because of Bring Your Own Device (“BYOD”) — and no longer own the back-end resource — because of Bring Your Own Application (“BYOA”) and growing deployments of both Software- and Infrastructure- as-a-Service.
This in turn means that securing users’ identities is now dramatically rising in importance from a security perspective. This is because traditional IT security products such as anti-virus and firewalls are frankly no longer as applicable in a world in which users are no longer inside the firewall and are now using their iPad at Starbucks to access Salesforce, Concur, Google Apps, etc. Therefore in this world making sure the user’s identity is secure (i.e. users’ passwords are not hacked) and that users can get secure anywhere and any device is now a top priority vis a vis security.
At the same time the growth of mobile and cloud is fueling the growth of identity management, customers are also looking for more nimble and faster/easier to deploy cloud-based identity solutions as an alternative to legacy and cumbersome on-premises identity management suites. In fact, Gartner’s October 2013 “Market Trends: Cloud-Based Security Services Market, Worldwide” report noted that the rapid growth of mobile and cloud-based security is propelling the cloud-based identity market (aka IDaaS market) to more than $1 billion by 2017, while IDC’s worldwide IAM forecast, issued in June 2013, predicted the overall market will reach $6 billion annually by 2017.
Centrify believes we are uniquely positioned to take a leadership position in this IDaaS market — and have in fact taken a leadership position — and this really came to fruition over the last 12 months (which coincided with our latest Fiscal Year). From a technology validation perspective, we feel we have a number of significant technology differentiators in the market. From an industry analyst validation perspective, we were recognized by Gartner as one of the top 5 vendors in the IDaaS market per the Gartner Magic Quadrant for Identity and Access Management as a Service (click here to download the report).
The final proof point of Centrify being a leader in this new market is our customer adoption. I am pleased to announce today that our direct sales team, as well as our channel and OEM partners, have signed up more than 2,000 customers to date to our cloud-based identity platform. Coupled with more than 5,000 customers of our identity management software, we have one of the largest install bases in the identity and access management market, no matter the deployment model. Other vendors have respectively claimed 700 and 1,200 customers for their cloud identity offerings, so we are now further along in terms of customer adoption than any other vendor.
In addition to posting strong sales, servicing more than 2,000 customers in the cloud and 5,000 customers worldwide, Centrify secured a number of achievements over the last 12 months, including:
- Raised $42 million in funding with participation by strategic investors Samsung Ventures, Fortinet Inc. and Docomo Capital. The investment from global leaders in mobile technology and network security validates Centrify’s holistic and unified approach to identity management and continued disruption of the Identity and Access Management (IAM) market
- Nearly doubled its channel revenue with contributions from new partners including SoftwareONE, Corus360, FishNet Security and Mainline Information Systems, while also rolling out an enhanced Centrify Channel Partner Network in January 2014
- Secured a number of awards, including the Gold Winner in Network Product Guide’s 9th Annual 2014 Hot Companies and Best Products Awards Program; the 2014 Mobility Tech Zone Product of the Year Award; Best Security Company of the Year at SC Awards Europe; Software Vendor of the Year at the European IT & Software Excellence Awards; five category nods in from the Windows IT Pro 2013 Community Choice Awards; Silicon Valley Business Journal’s Fastest Growing Private Companies for 2013, and the 2013 Cloud Computing Excellence Award for effectively using the cloud to secure mobile devices and access to SaaS applications
- Moved our corporate headquarters to Santa Clara, CA
- Added to our management team with the addition of Bill Mann as Chief Product Officer and Mark Weiner as our Chief Marketing Officer
I am very proud of the Centrify team for all the great work to makes these accomplishments happen, and I would also like to thank the thousands of Centrify customers and hundreds of Centrify partners for their continued support.